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U.S. new-vehicle sales in 2018 rise slightly to 17.27 million [UPDATE]

DETROIT — Sales of new vehicles in the U.S. rose slightly in 2018, defying predictions and highlighting a strong economy. Automakers reported an increase of 0.3 percent over a year ago to 17.27 million vehicles. The increase came despite rising interest rates, a volatile stock market, and rising car and truck prices that pushed some buyers out of the new-vehicle market. Industry analysts and automakers said strong economic fundamentals pushed up sales and should keep them near historic highs in 2019. "Economic conditions in the U.S. are favorable and should continue to be supportive of vehicle sales at or around their current run rate," Ford Chief Economist Emily Kolinski Morris said after the company and other automakers announced their sales numbers Thursday. That auto sales remain near the 2016 record of 17.55 million is a testimonial to the strength of the economy, said Mark Zandi, chief economist at Moody's Analytics. The job market, he said, has created new employment, and wage growth has accelerated. "That's fundamental to selling anything," he said. "If there are lots of jobs and people are getting bigger paychecks, they will buy more." The unemployment rate is 3.7 percent, a 49-year low. The economy is thought to have grown close to 3 percent last year, its best performance in more than a decade. Consumers, the main driver of the economy, are spending freely. The Federal Reserve raised its key interest rate four times in 2018 but is only expected to raise it twice this year. Auto sales also were helped by low gasoline prices and rising home values, Zandi said. It all means that people are likely to keep buying new vehicles this year even as they grow more expensive. The Edmunds.com auto-pricing site estimates that the average new vehicle price hit a record $35,957 in December, about 2 percent higher than the previous year. It will be harder for automakers to keep the sales pace above 17 million because they have been enticing buyers for several years now with low-interest financing and other incentives, Zandi said. He predicts more deals in the coming year as job growth slows and credit tightens for higher-risk buyers. Edmunds, which provides content, including automotive tips and reviews, for distribution by The Associated Press, predicts that sales will drop this year to 16.9 million.

Chevy exec confirms SS production model reveal at Daytona on Feb 16

The 2014 Chevrolet SS will make its racing debut for the 2013 Daytona 500, but the production version of the car will get its official unveiling on February 16 in Daytona, a week before The Great American Race. According to a report by Automotive News, the reveal has been confirmed by Jim Campbell, Chevy's US vice president of performance and motorsports. With the departure of the Dodge Charger, the new Chevrolet racecar will be the only competitor to feature a V8, rear-wheel-drive layout in both street and NASCAR form.
NASCAR fans will be able to see the new fullsize performance-oriented sedan on display in the festivities leading up to the Daytona 500, but the car won't go on sale until later in the year. The Australian-built Chevy SS will be a low-volume performance model, and it will be priced above the 2014 Impala, which starts at $27,535.

GM puts 3 million miles on hydrogen fuel cell test fleet

Have General Motors' hydrogen fuel-cell vehicles emitted enough water vapor over the past six-plus years to equal the steam coming out of Old Faithful? Not exactly, but GM has released a few figures related to the Project Driveway initiative it began in 2007. The numbers are impressive, if not quite of the geyser-spouting variety. In all, the General converted 119 Chevrolet Equinox SUVs to run on hydrogen, and those vehicles have just collectively surpassed the 3 million mile mark. And if you were waiting for us to tell you that the distance equals a half-dozen round trips between the earth and the moon, well, there you go. The better news is that the SUVs have combined to save almost 158,000 gallons worth of gas, and some of the vehicles have more than 120,000 miles on them. More than 5,000 drivers have participated in the project. GM reached that landmark about 10 months after it announced that it was working with Honda to accelerate the development of hydrogen fuel-cell powertrain technology. The two companies estimated last summer that it may have something to sell to the public as soon as 2020. For now, you can check out General Motors' press release below. GM Fuel Cell Fleet Tops 3 Million Miles Chevrolet Equinox fuel cell vehicles driven in real world reach milestone DETROIT – General Motors' fleet of fuel cell vehicles recently passed 3 million miles of hydrogen-powered, real-world driving. Some individual vehicles have accumulated more than 120,000 miles. By GM's estimate, using hydrogen to power these vehicles, the fleet has avoided 157,894 gallons of gasoline consumption. This specially equipped fleet of Chevrolet Equinox Fuel Cell vehicles are part of GM's 119-vehicle Project Driveway program, which launched in 2007. Since then, more than 5,000 drivers have provided feedback on the functionality and drivability of fuel cell technology. "Hydrogen fuel cell technology is an important part of GM's advanced propulsion portfolio and we continue to make substantial progress in furthering this technology," said Charlie Freese, executive director of GM's global fuel cell engineering activities. "These vehicles have operated through seven full winters and a wide range of environmental conditions, proving that fuel cells can meet the demands of real-world drivers." Last year, GM announced two fuel cell-related collaborations.